| CLIENT PROFILE |
PAYG Employees
Self-employed for minimum of 2 years
Registered Australian Corporate Entities |
| MINIMUM LOAN AMOUNT |
$100,000 |
| MAXIMUM LOAN AMOUNT |
Maximum land loan $550,000 |
| L.V.R. |
100% (maximum) |
| INTENDED USE |
Investor or Owner-occupier |
| REPAYMENT OPTIONS |
Principal & Interest (P&I)
Interest Only (IO) |
| INTEREST RATE OPTIONS |
Variable |
| LOAN TERM |
Maximum term approximately 30 years |
| ADDITIONAL REPAYMENTS |
Variable interest rate options only |
| REPAYMENT FREQUENCY |
Weekly, Fortnightly
or Monthly after construction |
| ACCOUNT KEEPING FEES |
No |
| STATEMENT FEES |
No |
| MINIMUM REDRAW AMOUNT |
No Minimum |
| REDRAW |
Free and Unlimited
after construction phase |
| LENDERS LEGAL EXPENSES |
At Borrowers expense |
| BORROWERS LEGAL EXPENSES |
At Borrowers expense |
| APPLICATION FEE |
$330 (including gst) |
| MORTGAGE INSURANCE |
Payable by borrower if LVR > 80%, or loan amount > $500,000 |
| VALUATION FEE |
$330 (Iincluding gst) property valued
under $500,000 |
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AVAILABLE WITH
Home Loan
Low Docs Loan
|
UNAVAILABLE WITH
Line of Credit Loan
Non Resident Loan
|
Applications can be submitted with only preliminary plans and builder’s tender agreement. However, the lender will not permit initial settlement unless it is in receipt of council approved building plans, a fixed price building contract and contractors all risk insurance. The Lender will always retain funds equal to the cost of completing the project as determined by its valuer.
Progress inspections are carried out by the valuer at a cost of approximately $100.00 per inspection. This fee is deducted from the applicable progress draw.
Before the final payment is made to the builder the Lender will require satisfactory building insurance and council’s certificate of occupancy.
A Line of Credit can be used for construction purposes when it is secured against a fully completed property. |
